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\begin{document} 
\title{REPORT FOR MODEL} 
\bigskip 
\author{Model         : BFM mod \\ 
Specification : ver01 \\ 
Subfolder     : FirstSampleOutput \\ 
This file     : Report05 09 23.tex \\ 
OutputPath   :  BFM mod ver01 FirstSampleOutput end 2007.75 csminwel BFMPrior 05 09 23} 
\bigskip 
\date{09-May-2023  3:18 PM} 
\maketitle 
 
% Begin Prior Posterior Table\pagebreak 
\begin{center} 
\scriptsize 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Prior Posterior Table}\\ \hline 
Parameters&Dist&$Prior Mean$&$Prior Std$&$Post Mode$ \\\hline \endhead 
\hline \endfoot 
AD&C&24&0&24\\ 
bet&C&0.990&0&0.990\\ 
delt&C&0.025&0&0.025\\ 
alph&C&0.330&0&0.330\\ 
$\eta w$&C&0.140&0&0.140\\ 
$\eta p$&C&0.140&0&0.140\\ 
sgc&C&0.110&0&0.110\\ 
sb&N&2.400&0.050&2.456\\ 
$\tau l$&C&0.186&0&0.186\\ 
$\tau k$&C&0.218&0&0.218\\ 
$\tau c$&C&0.023&0&0.023\\ 
gamm100&N&0.500&0.050&0.401\\ 
$\pi star100$&N&0.500&0.050&0.529\\ 
$\xi $&G&2&0.250&1.821\\ 
$\mu HH$&B&0.110&0.010&0.077\\ 
$\omega w$&B&0.500&0.100&0.814\\ 
$\omega p$&B&0.500&0.100&0.869\\ 
$g\psi $&B&0.500&0.100&0.652\\ 
s&N&6&0.500&5.615\\ 
$\chi w$&B&0.500&0.200&0.036\\ 
$\chi p$&B&0.500&0.200&0.301\\ 
thet&B&0.500&0.200&0.913\\ 
$\alpha g$&N&0&0.100&-0.050\\ 
$\phi \pi $&C&0&0&0\\ 
$\phi y$&N&0.250&0.100&0.002\\ 
$\phi \pi c$&N&2&0.100&2.049\\ 
gammgc&C&0&0&0\\ 
gammtk&C&0&0&0\\ 
gammtl&C&0&0&0\\ 
gammtc&C&0&0&0\\ 
gammz&C&0&0&0\\ 
$\phi zy$&G&0.100&0.050&0.081\\ 
gammgcc&N&0.250&0.100&0.350\\ 
gammtkc&N&0.250&0.100&0.001\\ 
gammtlc&N&0.250&0.100&0.003\\ 
gammtcc&C&0&0&0\\ 
gammzc&N&0.250&0.100&0.088\\ 
nfrp&C&0&0&0\\ 
$\rho r$&B&0.500&0.100&0.722\\ 
$\rho gc$&B&0.500&0.100&0.413\\ 
$\rho z$&B&0.500&0.100&0.536\\ 
$\rho tk$&C&0.980&0&0.980\\ 
$\rho tl$&C&0.980&0&0.980\\ 
$\rho tc$&C&0.980&0&0.980\\ 
$\rho eg$&B&0.500&0.100&0.937\\ 
$\rho eMz$&B&0.995&0.001&0.995\\ 
$\rho eFz$&B&0.995&0.001&0.996\\ 
$\rho a$&B&0.500&0.100&0.301\\ 
$\rho b$&B&0.500&0.100&0.802\\ 
$\rho em$&B&0.500&0.100&0.251\\ 
$\rho i$&B&0.500&0.100&0.920\\ 
$\rho w$&C&0&0&0\\ 
$\rho p$&C&0&0&0\\ 
$\rho rp$&B&0.500&0.100&0.904\\ 
$\rho CP$&B&0.995&0.001&0.997\\ 
$\rho zt$&B&0.500&0.100&0.491\\ 
ssR&C&1&0&1\\ 
siggc&I&0.500&0.200&2.006\\ 
sigMz&I&0.500&0.200&2.945\\ 
sigFz&I&0.500&0.200&0.596\\ 
siga&I&0.500&0.200&1.210\\ 
sigb&I&0.500&0.200&4.998\\ 
sigm&I&0.500&0.200&0.240\\ 
sigi&I&0.500&0.200&0.504\\ 
sigw&I&0.500&0.200&0.347\\ 
sigp&I&0.500&0.200&0.163\\ 
sigrp&I&0.500&0.200&0.388\\ 
$sig\pi star$&I&0.500&0.200&1.306\\ 
sigzt&I&0.500&0.200&0.378\\ 
$STD_{gdpME}$&I&0.500&0.200&0.433\\ 
$STD_{byME}$&I&0.500&0.200&0.328\\ 
$STD_{beiME}$&C&0&0&0\\ 
flagEFFR&C&0&0&0\\ 
$\nu mSignal$&C&10&0&10\\ 
flagEINFL&C&0&0&0\\ 
InflExpHor&C&20&0&20\\ 
$A_{0}$&C&0&0&0\\ 
$A_{1}$&C&0&0&0\\ 
$A_{2}$&C&0&0&0\\ 
$A_{3}$&C&0&0&0\\ 
$A_{4}$&C&0&0&0\\ 
$A_{5}$&C&0&0&0\\ 
$A_{6}$&C&0&0&0\\ 
$A_{7}$&C&0&0&0\\ 
$A_{8}$&C&0&0&0\\ 
$A_{9}$&C&0&0&0\\ 
$A_{10}$&C&0&0&0\\ 
$B_{0}$&C&0&0&0\\ 
$B_{1}$&C&0&0&0\\ 
$B_{2}$&C&0&0&0\\ 
$B_{3}$&C&0&0&0\\ 
$B_{4}$&C&0&0&0\\ 
$B_{5}$&C&0&0&0\\ 
$B_{6}$&C&0&0&0\\ 
$B_{7}$&C&0&0&0\\ 
$B_{8}$&C&0&0&0\\ 
$B_{9}$&C&0&0&0\\ 
$B_{10}$&C&0&0&0\\ 
$stdID_{0}$&C&0&0&0\\ 
$stdID_{1}$&C&0&0&0\\ 
$stdID_{2}$&C&0&0&0\\ 
$stdID_{3}$&C&0&0&0\\ 
$stdID_{4}$&C&0&0&0\\ 
$stdID_{5}$&C&0&0&0\\ 
$stdID_{6}$&C&0&0&0\\ 
$stdID_{7}$&C&0&0&0\\ 
$stdID_{8}$&C&0&0&0\\ 
$stdID_{9}$&C&0&0&0\\ 
$stdID_{10}$&C&0&0&0\\ 
$std_{factorA}$&C&0&0&0\\ 
$std_{factorB}$&C&0&0&0\\ \hline 
\caption{Table 1} 
\end{longtable} 
\end{center} 

\begin{center} 
\scriptsize 
\begin{longtable}{|l|c|} 
\multicolumn{2}{c}{Prior Posterior Table}\\ \hline 
Parameters&$Std Mode$ \\\hline \endhead 
\hline \endfoot 
AD&NaN\\ 
bet&NaN\\ 
delt&NaN\\ 
alph&NaN\\ 
$\eta w$&NaN\\ 
$\eta p$&NaN\\ 
sgc&NaN\\ 
sb&NaN\\ 
$\tau l$&NaN\\ 
$\tau k$&NaN\\ 
$\tau c$&NaN\\ 
gamm100&NaN\\ 
$\pi star100$&NaN\\ 
$\xi $&NaN\\ 
$\mu HH$&NaN\\ 
$\omega w$&NaN\\ 
$\omega p$&NaN\\ 
$g\psi $&NaN\\ 
s&NaN\\ 
$\chi w$&NaN\\ 
$\chi p$&NaN\\ 
thet&NaN\\ 
$\alpha g$&NaN\\ 
$\phi \pi $&NaN\\ 
$\phi y$&NaN\\ 
$\phi \pi c$&NaN\\ 
gammgc&NaN\\ 
gammtk&NaN\\ 
gammtl&NaN\\ 
gammtc&NaN\\ 
gammz&NaN\\ 
$\phi zy$&NaN\\ 
gammgcc&NaN\\ 
gammtkc&NaN\\ 
gammtlc&NaN\\ 
gammtcc&NaN\\ 
gammzc&NaN\\ 
nfrp&NaN\\ 
$\rho r$&NaN\\ 
$\rho gc$&NaN\\ 
$\rho z$&NaN\\ 
$\rho tk$&NaN\\ 
$\rho tl$&NaN\\ 
$\rho tc$&NaN\\ 
$\rho eg$&NaN\\ 
$\rho eMz$&NaN\\ 
$\rho eFz$&NaN\\ 
$\rho a$&NaN\\ 
$\rho b$&NaN\\ 
$\rho em$&NaN\\ 
$\rho i$&NaN\\ 
$\rho w$&NaN\\ 
$\rho p$&NaN\\ 
$\rho rp$&NaN\\ 
$\rho CP$&NaN\\ 
$\rho zt$&NaN\\ 
ssR&NaN\\ 
siggc&NaN\\ 
sigMz&NaN\\ 
sigFz&NaN\\ 
siga&NaN\\ 
sigb&NaN\\ 
sigm&NaN\\ 
sigi&NaN\\ 
sigw&NaN\\ 
sigp&NaN\\ 
sigrp&NaN\\ 
$sig\pi star$&NaN\\ 
sigzt&NaN\\ 
$STD_{gdpME}$&NaN\\ 
$STD_{byME}$&NaN\\ 
$STD_{beiME}$&NaN\\ 
flagEFFR&NaN\\ 
$\nu mSignal$&NaN\\ 
flagEINFL&NaN\\ 
InflExpHor&NaN\\ 
$A_{0}$&NaN\\ 
$A_{1}$&NaN\\ 
$A_{2}$&NaN\\ 
$A_{3}$&NaN\\ 
$A_{4}$&NaN\\ 
$A_{5}$&NaN\\ 
$A_{6}$&NaN\\ 
$A_{7}$&NaN\\ 
$A_{8}$&NaN\\ 
$A_{9}$&NaN\\ 
$A_{10}$&NaN\\ 
$B_{0}$&NaN\\ 
$B_{1}$&NaN\\ 
$B_{2}$&NaN\\ 
$B_{3}$&NaN\\ 
$B_{4}$&NaN\\ 
$B_{5}$&NaN\\ 
$B_{6}$&NaN\\ 
$B_{7}$&NaN\\ 
$B_{8}$&NaN\\ 
$B_{9}$&NaN\\ 
$B_{10}$&NaN\\ 
$stdID_{0}$&NaN\\ 
$stdID_{1}$&NaN\\ 
$stdID_{2}$&NaN\\ 
$stdID_{3}$&NaN\\ 
$stdID_{4}$&NaN\\ 
$stdID_{5}$&NaN\\ 
$stdID_{6}$&NaN\\ 
$stdID_{7}$&NaN\\ 
$stdID_{8}$&NaN\\ 
$stdID_{9}$&NaN\\ 
$stdID_{10}$&NaN\\ 
$std_{factorA}$&NaN\\ 
$std_{factorB}$&NaN\\ \hline 
\caption{Table 1} 
\end{longtable} 
\end{center} 

Log Posterior = -2624.5134 
\smallskip 
Log Likelihood =-2550.3269 
\pagebreak 
\section{Spectrum Decomposition} 
\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Spectral Decomposition}\\ \hline 
Series&$government consumption shock$&$funded tranfers shock$&$unfunded transfers shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.001&0.001&0.087&0.409\\ 
$consumption: Non-Savers$&0.008&0.070&0.119&0.123\\ 
$nominal interest rate$&0.002&0.000&0.000&0.069\\ 
investment&0.001&0.000&0.085&0.032\\ 
labor&0.011&0.001&0.134&0.054\\ 
output&0.011&0.001&0.123&0.080\\ 
$govt consumption$&0.731&0.010&0.000&0.010\\ 
$aggregate consumption$&0.001&0.003&0.100&0.394\\ 
$real wage$&0.000&0.000&0.002&0.618\\ 
$govt debt$&0.023&0.090&0.058&0.030\\ 
inflation&0.002&0.000&0.175&0.070\\ 
$b/y ratio$&0.018&0.032&0.086&0.034\\ 
$inflation CF$&0.002&0.000&0.000&0.084\\ 
$b/y ratio CF$&0.020&0.035&0.000&0.037\\ 
$\tau k$&0.019&0.038&0.000&0.038\\ 
$\tau l$&0.019&0.038&0.000&0.038\\ 
$\tau c$&0.009&0.013&0.129&0.104\\ 
$real interest rate$&0.001&0.000&0.107&0.052\\ 
$transfers total$&0.000&0.944&0.030&0.000\\ 
$transfers part$&0.008&0.032&0.042&0.005\\ 
$price of bonds$&0.007&0.002&0.000&0.056\\ 
$g shock$&1&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&1&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&1&0.000\\ 
$GDPobs_{me}$&0.013&0.001&0.108&0.142\\ 
cobs&0.001&0.004&0.122&0.207\\ 
iobs&0.001&0.000&0.080&0.065\\ 
labor&0.011&0.001&0.134&0.054\\ 
$nominal interest rate$&0.002&0.000&0.000&0.069\\ 
wobs&0.000&0.000&0.004&0.335\\ 
inflation&0.002&0.000&0.175&0.070\\ 
zobs&0.000&0.728&0.026&0.224\\ 
gobs&0.671&0.006&0.000&0.137\\ 
$Debt-To-GDP_{me}$&0.018&0.032&0.086&0.034\\ \hline 
\caption{Spectrum} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Spectral Decomposition}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.316&0.015&0.014&0.010\\ 
$consumption: Non-Savers$&0.024&0.009&0.348&0.013\\ 
$nominal interest rate$&0.025&0.152&0.425&0.020\\ 
investment&0.013&0.007&0.681&0.008\\ 
labor&0.027&0.014&0.473&0.012\\ 
output&0.029&0.013&0.465&0.011\\ 
$govt consumption$&0.020&0.006&0.141&0.003\\ 
$aggregate consumption$&0.285&0.016&0.010&0.010\\ 
$real wage$&0.003&0.000&0.026&0.116\\ 
$govt debt$&0.083&0.046&0.308&0.043\\ 
inflation&0.024&0.005&0.398&0.020\\ 
$b/y ratio$&0.068&0.019&0.470&0.011\\ 
$inflation CF$&0.029&0.006&0.483&0.025\\ 
$b/y ratio CF$&0.074&0.021&0.514&0.012\\ 
$\tau k$&0.071&0.018&0.509&0.011\\ 
$\tau l$&0.071&0.018&0.509&0.011\\ 
$\tau c$&0.084&0.010&0.429&0.012\\ 
$real interest rate$&0.017&0.287&0.283&0.014\\ 
$transfers total$&0.001&0.001&0.003&0.000\\ 
$transfers part$&0.035&0.020&0.113&0.018\\ 
$price of bonds$&0.108&0.044&0.672&0.034\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$GDPobs_{me}$&0.029&0.013&0.427&0.009\\ 
cobs&0.378&0.023&0.015&0.012\\ 
iobs&0.012&0.008&0.658&0.008\\ 
labor&0.027&0.014&0.473&0.012\\ 
$nominal interest rate$&0.025&0.152&0.425&0.020\\ 
wobs&0.005&0.000&0.034&0.265\\ 
inflation&0.024&0.005&0.398&0.020\\ 
zobs&0.001&0.000&0.002&0.000\\ 
gobs&0.016&0.005&0.106&0.003\\ 
$Debt-To-GDP_{me}$&0.068&0.019&0.470&0.011\\ \hline 
\caption{Spectrum} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Spectral Decomposition}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.001&0.110&0.037&0.000\\ 
$consumption: Non-Savers$&0.004&0.115&0.167&0.001\\ 
$nominal interest rate$&0.030&0.220&0.057&0.000\\ 
investment&0.001&0.087&0.085&0.000\\ 
labor&0.001&0.161&0.111&0.000\\ 
output&0.001&0.149&0.117&0.000\\ 
$govt consumption$&0.000&0.054&0.024&0.000\\ 
$aggregate consumption$&0.002&0.124&0.055&0.000\\ 
$real wage$&0.018&0.002&0.214&0.000\\ 
$govt debt$&0.008&0.200&0.108&0.001\\ 
inflation&0.040&0.208&0.059&0.000\\ 
$b/y ratio$&0.002&0.180&0.081&0.000\\ 
$inflation CF$&0.048&0.251&0.071&0.000\\ 
$b/y ratio CF$&0.002&0.196&0.088&0.000\\ 
$\tau k$&0.001&0.199&0.094&0.000\\ 
$\tau l$&0.001&0.199&0.094&0.000\\ 
$\tau c$&0.003&0.094&0.113&0.000\\ 
$real interest rate$&0.050&0.144&0.044&0.000\\ 
$transfers total$&0.000&0.003&0.002&0.015\\ 
$transfers part$&0.003&0.108&0.062&0.554\\ 
$price of bonds$&0.005&0.041&0.033&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$GDPobs_{me}$&0.001&0.138&0.103&0.000\\ 
cobs&0.003&0.165&0.069&0.000\\ 
iobs&0.001&0.088&0.081&0.000\\ 
labor&0.001&0.161&0.111&0.000\\ 
$nominal interest rate$&0.030&0.220&0.057&0.000\\ 
wobs&0.040&0.005&0.313&0.000\\ 
inflation&0.040&0.208&0.059&0.000\\ 
zobs&0.000&0.002&0.001&0.016\\ 
gobs&0.001&0.039&0.016&0.000\\ 
$Debt-To-GDP_{me}$&0.002&0.180&0.081&0.000\\ \hline 
\caption{Spectrum} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Spectral Decomposition}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0&0\\ 
$consumption: Non-Savers$&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
investment&0&0&0&0\\ 
labor&0&0&0&0\\ 
output&0&0&0&0\\ 
$govt consumption$&0&0&0&0\\ 
$aggregate consumption$&0&0&0&0\\ 
$real wage$&0&0&0&0\\ 
$govt debt$&0&0&0&0\\ 
inflation&0&0&0&0\\ 
$b/y ratio$&0&0&0&0\\ 
$inflation CF$&0&0&0&0\\ 
$b/y ratio CF$&0&0&0&0\\ 
$\tau k$&0&0&0&0\\ 
$\tau l$&0&0&0&0\\ 
$\tau c$&0&0&0&0\\ 
$real interest rate$&0&0&0&0\\ 
$transfers total$&0&0&0&0\\ 
$transfers part$&0&0&0&0\\ 
$price of bonds$&0&0&0&0\\ 
$g shock$&0&0&0&0\\ 
$funded tranfer shock$&0&0&0&0\\ 
$unfunded tranfer shock$&0&0&0&0\\ 
$GDPobs_{me}$&0&0&0&0\\ 
cobs&0&0&0&0\\ 
iobs&0&0&0&0\\ 
labor&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
wobs&0&0&0&0\\ 
inflation&0&0&0&0\\ 
zobs&0&0&0&0\\ 
gobs&0&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0&0&0\\ \hline 
\caption{Spectrum} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Spectral Decomposition}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0&0\\ 
$consumption: Non-Savers$&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
investment&0&0&0&0\\ 
labor&0&0&0&0\\ 
output&0&0&0&0\\ 
$govt consumption$&0&0&0&0\\ 
$aggregate consumption$&0&0&0&0\\ 
$real wage$&0&0&0&0\\ 
$govt debt$&0&0&0&0\\ 
inflation&0&0&0&0\\ 
$b/y ratio$&0&0&0&0\\ 
$inflation CF$&0&0&0&0\\ 
$b/y ratio CF$&0&0&0&0\\ 
$\tau k$&0&0&0&0\\ 
$\tau l$&0&0&0&0\\ 
$\tau c$&0&0&0&0\\ 
$real interest rate$&0&0&0&0\\ 
$transfers total$&0&0&0&0\\ 
$transfers part$&0&0&0&0\\ 
$price of bonds$&0&0&0&0\\ 
$g shock$&0&0&0&0\\ 
$funded tranfer shock$&0&0&0&0\\ 
$unfunded tranfer shock$&0&0&0&0\\ 
$GDPobs_{me}$&0&0&0&0\\ 
cobs&0&0&0&0\\ 
iobs&0&0&0&0\\ 
labor&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
wobs&0&0&0&0\\ 
inflation&0&0&0&0\\ 
zobs&0&0&0&0\\ 
gobs&0&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0&0&0\\ \hline 
\caption{Spectrum} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Spectral Decomposition}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0&0\\ 
$consumption: Non-Savers$&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
investment&0&0&0&0\\ 
labor&0&0&0&0\\ 
output&0&0&0&0\\ 
$govt consumption$&0&0&0&0\\ 
$aggregate consumption$&0&0&0&0\\ 
$real wage$&0&0&0&0\\ 
$govt debt$&0&0&0&0\\ 
inflation&0&0&0&0\\ 
$b/y ratio$&0&0&0&0\\ 
$inflation CF$&0&0&0&0\\ 
$b/y ratio CF$&0&0&0&0\\ 
$\tau k$&0&0&0&0\\ 
$\tau l$&0&0&0&0\\ 
$\tau c$&0&0&0&0\\ 
$real interest rate$&0&0&0&0\\ 
$transfers total$&0&0&0&0\\ 
$transfers part$&0&0&0&0\\ 
$price of bonds$&0&0&0&0\\ 
$g shock$&0&0&0&0\\ 
$funded tranfer shock$&0&0&0&0\\ 
$unfunded tranfer shock$&0&0&0&0\\ 
$GDPobs_{me}$&0&0&0&0\\ 
cobs&0&0&0&0\\ 
iobs&0&0&0&0\\ 
labor&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
wobs&0&0&0&0\\ 
inflation&0&0&0&0\\ 
zobs&0&0&0&0\\ 
gobs&0&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0&0&0\\ \hline 
\caption{Spectrum} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Spectral Decomposition}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0\\ 
$consumption: Non-Savers$&0.000&0.000&0\\ 
$nominal interest rate$&0.000&0.000&0\\ 
investment&0.000&0.000&0\\ 
labor&0.000&0.000&0\\ 
output&0.000&0.000&0\\ 
$govt consumption$&0.000&0.000&0\\ 
$aggregate consumption$&0.000&0.000&0\\ 
$real wage$&0.000&0.000&0\\ 
$govt debt$&0.000&0.000&0\\ 
inflation&0.000&0.000&0\\ 
$b/y ratio$&0.000&0.000&0\\ 
$inflation CF$&0.000&0.000&0\\ 
$b/y ratio CF$&0.000&0.000&0\\ 
$\tau k$&0.000&0.000&0\\ 
$\tau l$&0.000&0.000&0\\ 
$\tau c$&0.000&0.000&0\\ 
$real interest rate$&0.000&0.000&0\\ 
$transfers total$&0.000&0.000&0\\ 
$transfers part$&0.000&0.000&0\\ 
$price of bonds$&0.000&0.000&0\\ 
$g shock$&0.000&0.000&0\\ 
$funded tranfer shock$&0.000&0.000&0\\ 
$unfunded tranfer shock$&0.000&0.000&0\\ 
$GDPobs_{me}$&0.015&0.000&0\\ 
cobs&0.000&0.000&0\\ 
iobs&0.000&0.000&0\\ 
labor&0.000&0.000&0\\ 
$nominal interest rate$&0.000&0.000&0\\ 
wobs&0.000&0.000&0\\ 
inflation&0.000&0.000&0\\ 
zobs&0.000&0.000&0\\ 
gobs&0.000&0.000&0\\ 
$Debt-To-GDP_{me}$&0.000&0.000&0\\ \hline 
\caption{Spectrum} 
\end{longtable} 
\end{center} 

\pagebreak 
\pagebreak 
\section{Asymptotic Variance Decompositions} 
\subsection{Observables} 
\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$government consumption shock$&$funded tranfers shock$&$unfunded transfers shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.036&0.002&0.081&0.108\\ 
cobs&0.001&0.027&0.113&0.117\\ 
iobs&0.000&0.000&0.063&0.050\\ 
labor&0.044&0.002&0.094&0.099\\ 
$nominal interest rate$&0.001&0.000&0.000&0.024\\ 
wobs&0.000&0.000&0.006&0.066\\ 
inflation&0.002&0.000&0.094&0.066\\ 
zobs&0.000&0.811&0.032&0.144\\ 
gobs&0.733&0.000&0.000&0.267\\ 
$Debt-To-GDP_{me}$&0.018&0.002&0.025&0.011\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.028&0.018&0.398&0.000\\ 
cobs&0.413&0.032&0.044&0.000\\ 
iobs&0.007&0.012&0.686&0.005\\ 
labor&0.032&0.022&0.464&0.007\\ 
$nominal interest rate$&0.006&0.680&0.074&0.009\\ 
wobs&0.002&0.000&0.022&0.748\\ 
inflation&0.016&0.003&0.207&0.024\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.135&0.044&0.696&0.035\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.003&0.140&0.068&0.000\\ 
cobs&0.005&0.201&0.047&0.000\\ 
iobs&0.001&0.107&0.068&0.000\\ 
labor&0.001&0.164&0.070&0.000\\ 
$nominal interest rate$&0.143&0.042&0.022&0.000\\ 
wobs&0.069&0.008&0.080&0.000\\ 
inflation&0.407&0.117&0.064&0.000\\ 
zobs&0.000&0.000&0.000&0.013\\ 
gobs&0.000&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.015&0.005&0.001&0.000\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0&0&0&0\\ 
cobs&0&0&0&0\\ 
iobs&0&0&0&0\\ 
labor&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
wobs&0&0&0&0\\ 
inflation&0&0&0&0\\ 
zobs&0&0&0&0\\ 
gobs&0&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0&0&0&0\\ 
cobs&0&0&0&0\\ 
iobs&0&0&0&0\\ 
labor&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
wobs&0&0&0&0\\ 
inflation&0&0&0&0\\ 
zobs&0&0&0&0\\ 
gobs&0&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0&0&0&0\\ 
cobs&0&0&0&0\\ 
iobs&0&0&0&0\\ 
labor&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
wobs&0&0&0&0\\ 
inflation&0&0&0&0\\ 
zobs&0&0&0&0\\ 
gobs&0&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.117&0&0\\ 
cobs&0&0&0\\ 
iobs&0&0&0\\ 
labor&0&0&0\\ 
$nominal interest rate$&0&0&0\\ 
wobs&0&0&0\\ 
inflation&0&0&0\\ 
zobs&0&0&0\\ 
gobs&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0.013&0\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$government consumption shock$&$funded tranfers shock$&$unfunded transfers shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.026&0.001&0.084&0.118\\ 
cobs&0.000&0.018&0.113&0.153\\ 
iobs&0.000&0.000&0.063&0.055\\ 
labor&0.033&0.001&0.104&0.042\\ 
$nominal interest rate$&0.001&0.000&0.000&0.043\\ 
wobs&0.000&0.000&0.006&0.140\\ 
inflation&0.002&0.000&0.131&0.077\\ 
zobs&0.000&0.800&0.031&0.155\\ 
gobs&0.712&0.000&0.000&0.239\\ 
$Debt-To-GDP_{me}$&0.013&0.008&0.042&0.005\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.027&0.015&0.435&0.003\\ 
cobs&0.381&0.029&0.047&0.005\\ 
iobs&0.008&0.010&0.683&0.006\\ 
labor&0.034&0.019&0.507&0.008\\ 
$nominal interest rate$&0.012&0.538&0.154&0.015\\ 
wobs&0.002&0.000&0.027&0.632\\ 
inflation&0.022&0.004&0.284&0.028\\ 
zobs&0.000&0.000&0.000&0.000\\ 
gobs&0.007&0.002&0.037&0.002\\ 
$Debt-To-GDP_{me}$&0.120&0.018&0.733&0.024\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.002&0.135&0.078&0.000\\ 
cobs&0.003&0.194&0.055&0.000\\ 
iobs&0.000&0.100&0.074&0.000\\ 
labor&0.001&0.169&0.083&0.000\\ 
$nominal interest rate$&0.110&0.088&0.038&0.000\\ 
wobs&0.057&0.008&0.128&0.000\\ 
inflation&0.222&0.163&0.068&0.000\\ 
zobs&0.000&0.000&0.000&0.013\\ 
gobs&0.001&0.000&0.000&0.000\\ 
$Debt-To-GDP_{me}$&0.008&0.022&0.003&0.000\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0&0&0&0\\ 
cobs&0&0&0&0\\ 
iobs&0&0&0&0\\ 
labor&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
wobs&0&0&0&0\\ 
inflation&0&0&0&0\\ 
zobs&0&0&0&0\\ 
gobs&0&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0&0&0&0\\ 
cobs&0&0&0&0\\ 
iobs&0&0&0&0\\ 
labor&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
wobs&0&0&0&0\\ 
inflation&0&0&0&0\\ 
zobs&0&0&0&0\\ 
gobs&0&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0&0&0&0\\ 
cobs&0&0&0&0\\ 
iobs&0&0&0&0\\ 
labor&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
wobs&0&0&0&0\\ 
inflation&0&0&0&0\\ 
zobs&0&0&0&0\\ 
gobs&0&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.076&0&0\\ 
cobs&0&0&0\\ 
iobs&0&0&0\\ 
labor&0&0&0\\ 
$nominal interest rate$&0&0&0\\ 
wobs&0&0&0\\ 
inflation&0&0&0\\ 
zobs&0&0&0\\ 
gobs&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0.005&0\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$government consumption shock$&$funded tranfers shock$&$unfunded transfers shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.019&0.001&0.084&0.133\\ 
cobs&0.001&0.013&0.118&0.204\\ 
iobs&0.000&0.000&0.063&0.060\\ 
labor&0.018&0.000&0.112&0.012\\ 
$nominal interest rate$&0.002&0.000&0.000&0.062\\ 
wobs&0.000&0.000&0.006&0.190\\ 
inflation&0.002&0.000&0.162&0.067\\ 
zobs&0.000&0.797&0.031&0.155\\ 
gobs&0.673&0.002&0.000&0.227\\ 
$Debt-To-GDP_{me}$&0.005&0.021&0.065&0.003\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.021&0.013&0.444&0.005\\ 
cobs&0.325&0.024&0.051&0.009\\ 
iobs&0.009&0.008&0.680&0.006\\ 
labor&0.030&0.016&0.528&0.009\\ 
$nominal interest rate$&0.023&0.313&0.298&0.022\\ 
wobs&0.001&0.000&0.032&0.539\\ 
inflation&0.026&0.004&0.339&0.024\\ 
zobs&0.000&0.000&0.001&0.000\\ 
gobs&0.010&0.003&0.069&0.002\\ 
$Debt-To-GDP_{me}$&0.088&0.007&0.691&0.011\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.001&0.130&0.091&0.000\\ 
cobs&0.003&0.184&0.068&0.000\\ 
iobs&0.000&0.091&0.081&0.000\\ 
labor&0.001&0.172&0.102&0.000\\ 
$nominal interest rate$&0.059&0.173&0.048&0.000\\ 
wobs&0.048&0.007&0.177&0.000\\ 
inflation&0.121&0.200&0.053&0.000\\ 
zobs&0.000&0.000&0.000&0.015\\ 
gobs&0.001&0.011&0.002&0.000\\ 
$Debt-To-GDP_{me}$&0.002&0.084&0.021&0.000\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0&0&0&0\\ 
cobs&0&0&0&0\\ 
iobs&0&0&0&0\\ 
labor&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
wobs&0&0&0&0\\ 
inflation&0&0&0&0\\ 
zobs&0&0&0&0\\ 
gobs&0&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0&0&0&0\\ 
cobs&0&0&0&0\\ 
iobs&0&0&0&0\\ 
labor&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
wobs&0&0&0&0\\ 
inflation&0&0&0&0\\ 
zobs&0&0&0&0\\ 
gobs&0&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0&0&0&0\\ 
cobs&0&0&0&0\\ 
iobs&0&0&0&0\\ 
labor&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
wobs&0&0&0&0\\ 
inflation&0&0&0&0\\ 
zobs&0&0&0&0\\ 
gobs&0&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.056&0&0\\ 
cobs&0&0&0\\ 
iobs&0&0&0\\ 
labor&0&0&0\\ 
$nominal interest rate$&0&0&0\\ 
wobs&0&0&0\\ 
inflation&0&0&0\\ 
zobs&0&0&0\\ 
gobs&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0.001&0\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$government consumption shock$&$funded tranfers shock$&$unfunded transfers shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.018&0.002&0.086&0.135\\ 
cobs&0.001&0.009&0.091&0.196\\ 
iobs&0.001&0.001&0.063&0.057\\ 
labor&0.003&0.048&0.063&0.025\\ 
$nominal interest rate$&0.002&0.002&0.000&0.027\\ 
wobs&0.000&0.000&0.006&0.204\\ 
inflation&0.002&0.002&0.169&0.033\\ 
zobs&0.000&0.796&0.031&0.154\\ 
gobs&0.619&0.038&0.000&0.196\\ 
$Debt-To-GDP_{me}$&0.002&0.527&0.024&0.001\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.023&0.012&0.453&0.007\\ 
cobs&0.251&0.016&0.232&0.008\\ 
iobs&0.011&0.007&0.695&0.006\\ 
labor&0.007&0.004&0.372&0.007\\ 
$nominal interest rate$&0.036&0.075&0.568&0.013\\ 
wobs&0.004&0.000&0.133&0.402\\ 
inflation&0.029&0.003&0.465&0.014\\ 
zobs&0.000&0.000&0.001&0.000\\ 
gobs&0.010&0.005&0.076&0.002\\ 
$Debt-To-GDP_{me}$&0.000&0.000&0.040&0.000\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.002&0.124&0.094&0.000\\ 
cobs&0.002&0.130&0.061&0.000\\ 
iobs&0.001&0.082&0.077&0.000\\ 
labor&0.000&0.099&0.371&0.000\\ 
$nominal interest rate$&0.014&0.233&0.029&0.000\\ 
wobs&0.037&0.009&0.205&0.000\\ 
inflation&0.054&0.194&0.036&0.000\\ 
zobs&0.000&0.001&0.001&0.016\\ 
gobs&0.001&0.026&0.028&0.000\\ 
$Debt-To-GDP_{me}$&0.000&0.011&0.394&0.000\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0&0&0&0\\ 
cobs&0&0&0&0\\ 
iobs&0&0&0&0\\ 
labor&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
wobs&0&0&0&0\\ 
inflation&0&0&0&0\\ 
zobs&0&0&0&0\\ 
gobs&0&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0&0&0&0\\ 
cobs&0&0&0&0\\ 
iobs&0&0&0&0\\ 
labor&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
wobs&0&0&0&0\\ 
inflation&0&0&0&0\\ 
zobs&0&0&0&0\\ 
gobs&0&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0&0&0&0\\ 
cobs&0&0&0&0\\ 
iobs&0&0&0&0\\ 
labor&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
wobs&0&0&0&0\\ 
inflation&0&0&0&0\\ 
zobs&0&0&0&0\\ 
gobs&0&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$GDPobs_{me}$&0.045&0&0\\ 
cobs&0&0&0\\ 
iobs&0&0&0\\ 
labor&0&0&0\\ 
$nominal interest rate$&0&0&0\\ 
wobs&0&0&0\\ 
inflation&0&0&0\\ 
zobs&0&0&0\\ 
gobs&0&0&0\\ 
$Debt-To-GDP_{me}$&0&0.000&0\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\pagebreak 
\subsection{States} 
\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$government consumption shock$&$funded tranfers shock$&$unfunded transfers shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.019&0.811\\ 
$consumption: Non-Savers$&0.011&0.283&0.077&0.320\\ 
$nominal interest rate$&0.001&0.000&0.000&0.024\\ 
investment&0.000&0.000&0.066&0.007\\ 
labor&0.044&0.002&0.094&0.099\\ 
output&0.031&0.002&0.069&0.338\\ 
$govt consumption$&1&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.006&0.026&0.794\\ 
$real wage$&0.000&0.000&0.002&0.709\\ 
$govt debt$&0.004&0.006&0.002&0.048\\ 
inflation&0.002&0.000&0.094&0.066\\ 
$b/y ratio$&0.019&0.002&0.026&0.011\\ 
$inflation CF$&0.002&0.000&0.000&0.073\\ 
$b/y ratio CF$&0.019&0.002&0.000&0.011\\ 
$\tau k$&0.000&0.001&0.002&0.002\\ 
$\tau l$&0.003&0.005&0.000&0.191\\ 
$\tau c$&0.001&0.004&0.146&0.345\\ 
$real interest rate$&0.001&0.000&0.133&0.016\\ 
$transfers total$&0.000&0.947&0.037&0.000\\ 
$transfers part$&0.001&0.000&0.001&0.006\\ 
$price of bonds$&0.009&0.002&0.000&0.060\\ 
$g shock$&1&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&1&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&1&0.000\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.107&0.007&0.003&0.002\\ 
$consumption: Non-Savers$&0.010&0.006&0.147&0.037\\ 
$nominal interest rate$&0.006&0.680&0.074&0.009\\ 
investment&0.007&0.013&0.718&0.006\\ 
labor&0.032&0.022&0.464&0.007\\ 
output&0.024&0.016&0.340&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.096&0.007&0.010&0.000\\ 
$real wage$&0.001&0.000&0.007&0.233\\ 
$govt debt$&0.135&0.113&0.479&0.059\\ 
inflation&0.016&0.003&0.207&0.024\\ 
$b/y ratio$&0.137&0.044&0.706&0.035\\ 
$inflation CF$&0.017&0.003&0.228&0.027\\ 
$b/y ratio CF$&0.140&0.045&0.724&0.036\\ 
$\tau k$&0.024&0.004&0.525&0.039\\ 
$\tau l$&0.039&0.018&0.143&0.029\\ 
$\tau c$&0.014&0.030&0.353&0.066\\ 
$real interest rate$&0.007&0.637&0.086&0.005\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers part$&0.000&0.000&0.006&0.000\\ 
$price of bonds$&0.133&0.141&0.408&0.048\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.001&0.043&0.007&0.000\\ 
$consumption: Non-Savers$&0.008&0.051&0.044&0.005\\ 
$nominal interest rate$&0.143&0.042&0.022&0.000\\ 
investment&0.001&0.112&0.072&0.000\\ 
labor&0.001&0.164&0.070&0.000\\ 
output&0.002&0.120&0.058&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.001&0.047&0.011&0.000\\ 
$real wage$&0.021&0.002&0.025&0.000\\ 
$govt debt$&0.033&0.090&0.033&0.000\\ 
inflation&0.407&0.117&0.064&0.000\\ 
$b/y ratio$&0.015&0.006&0.001&0.000\\ 
$inflation CF$&0.449&0.130&0.071&0.000\\ 
$b/y ratio CF$&0.015&0.006&0.001&0.000\\ 
$\tau k$&0.002&0.232&0.170&0.000\\ 
$\tau l$&0.000&0.392&0.179&0.000\\ 
$\tau c$&0.001&0.038&0.001&0.000\\ 
$real interest rate$&0.053&0.051&0.011&0.000\\ 
$transfers total$&0.000&0.000&0.000&0.016\\ 
$transfers part$&0.000&0.002&0.001&0.982\\ 
$price of bonds$&0.013&0.154&0.032&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0&0\\ 
$consumption: Non-Savers$&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
investment&0&0&0&0\\ 
labor&0&0&0&0\\ 
output&0&0&0&0\\ 
$govt consumption$&0&0&0&0\\ 
$aggregate consumption$&0&0&0&0\\ 
$real wage$&0&0&0&0\\ 
$govt debt$&0&0&0&0\\ 
inflation&0&0&0&0\\ 
$b/y ratio$&0&0&0&0\\ 
$inflation CF$&0&0&0&0\\ 
$b/y ratio CF$&0&0&0&0\\ 
$\tau k$&0&0&0&0\\ 
$\tau l$&0&0&0&0\\ 
$\tau c$&0&0&0&0\\ 
$real interest rate$&0&0&0&0\\ 
$transfers total$&0&0&0&0\\ 
$transfers part$&0&0&0&0\\ 
$price of bonds$&0&0&0&0\\ 
$g shock$&0&0&0&0\\ 
$funded tranfer shock$&0&0&0&0\\ 
$unfunded tranfer shock$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0&0\\ 
$consumption: Non-Savers$&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
investment&0&0&0&0\\ 
labor&0&0&0&0\\ 
output&0&0&0&0\\ 
$govt consumption$&0&0&0&0\\ 
$aggregate consumption$&0&0&0&0\\ 
$real wage$&0&0&0&0\\ 
$govt debt$&0&0&0&0\\ 
inflation&0&0&0&0\\ 
$b/y ratio$&0&0&0&0\\ 
$inflation CF$&0&0&0&0\\ 
$b/y ratio CF$&0&0&0&0\\ 
$\tau k$&0&0&0&0\\ 
$\tau l$&0&0&0&0\\ 
$\tau c$&0&0&0&0\\ 
$real interest rate$&0&0&0&0\\ 
$transfers total$&0&0&0&0\\ 
$transfers part$&0&0&0&0\\ 
$price of bonds$&0&0&0&0\\ 
$g shock$&0&0&0&0\\ 
$funded tranfer shock$&0&0&0&0\\ 
$unfunded tranfer shock$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0&0\\ 
$consumption: Non-Savers$&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
investment&0&0&0&0\\ 
labor&0&0&0&0\\ 
output&0&0&0&0\\ 
$govt consumption$&0&0&0&0\\ 
$aggregate consumption$&0&0&0&0\\ 
$real wage$&0&0&0&0\\ 
$govt debt$&0&0&0&0\\ 
inflation&0&0&0&0\\ 
$b/y ratio$&0&0&0&0\\ 
$inflation CF$&0&0&0&0\\ 
$b/y ratio CF$&0&0&0&0\\ 
$\tau k$&0&0&0&0\\ 
$\tau l$&0&0&0&0\\ 
$\tau c$&0&0&0&0\\ 
$real interest rate$&0&0&0&0\\ 
$transfers total$&0&0&0&0\\ 
$transfers part$&0&0&0&0\\ 
$price of bonds$&0&0&0&0\\ 
$g shock$&0&0&0&0\\ 
$funded tranfer shock$&0&0&0&0\\ 
$unfunded tranfer shock$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Variance Decomposition 1 Period Horizon}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0\\ 
$consumption: Non-Savers$&0&0&0\\ 
$nominal interest rate$&0&0&0\\ 
investment&0&0&0\\ 
labor&0&0&0\\ 
output&0&0&0\\ 
$govt consumption$&0&0&0\\ 
$aggregate consumption$&0&0&0\\ 
$real wage$&0&0&0\\ 
$govt debt$&0&0&0\\ 
inflation&0&0&0\\ 
$b/y ratio$&0&0&0\\ 
$inflation CF$&0&0&0\\ 
$b/y ratio CF$&0&0&0\\ 
$\tau k$&0&0&0\\ 
$\tau l$&0&0&0\\ 
$\tau c$&0&0&0\\ 
$real interest rate$&0&0&0\\ 
$transfers total$&0&0&0\\ 
$transfers part$&0&0&0\\ 
$price of bonds$&0&0&0\\ 
$g shock$&0&0&0\\ 
$funded tranfer shock$&0&0&0\\ 
$unfunded tranfer shock$&0&0&0\\ \hline 
\caption{Decomposition F Horizon=1} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$government consumption shock$&$funded tranfers shock$&$unfunded transfers shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.000&0.032&0.722\\ 
$consumption: Non-Savers$&0.012&0.212&0.091&0.251\\ 
$nominal interest rate$&0.001&0.000&0.000&0.043\\ 
investment&0.000&0.000&0.067&0.002\\ 
labor&0.033&0.001&0.104&0.042\\ 
output&0.025&0.001&0.084&0.201\\ 
$govt consumption$&0.973&0.000&0.000&0.000\\ 
$aggregate consumption$&0.000&0.005&0.040&0.700\\ 
$real wage$&0.000&0.000&0.003&0.728\\ 
$govt debt$&0.002&0.021&0.005&0.068\\ 
inflation&0.002&0.000&0.131&0.077\\ 
$b/y ratio$&0.013&0.008&0.043&0.005\\ 
$inflation CF$&0.003&0.000&0.000&0.089\\ 
$b/y ratio CF$&0.014&0.008&0.000&0.005\\ 
$\tau k$&0.019&0.002&0.000&0.011\\ 
$\tau l$&0.019&0.002&0.000&0.011\\ 
$\tau c$&0.001&0.003&0.096&0.324\\ 
$real interest rate$&0.000&0.000&0.151&0.009\\ 
$transfers total$&0.000&0.947&0.036&0.000\\ 
$transfers part$&0.000&0.000&0.004&0.007\\ 
$price of bonds$&0.010&0.003&0.000&0.064\\ 
$g shock$&1&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&1&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&1&0.000\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.151&0.010&0.005&0.003\\ 
$consumption: Non-Savers$&0.016&0.007&0.232&0.020\\ 
$nominal interest rate$&0.012&0.538&0.154&0.015\\ 
investment&0.008&0.011&0.722&0.006\\ 
labor&0.034&0.019&0.507&0.008\\ 
output&0.027&0.015&0.431&0.002\\ 
$govt consumption$&0.004&0.001&0.020&0.001\\ 
$aggregate consumption$&0.136&0.010&0.017&0.001\\ 
$real wage$&0.001&0.000&0.012&0.178\\ 
$govt debt$&0.139&0.076&0.529&0.061\\ 
inflation&0.022&0.004&0.284&0.028\\ 
$b/y ratio$&0.121&0.018&0.736&0.024\\ 
$inflation CF$&0.025&0.004&0.326&0.032\\ 
$b/y ratio CF$&0.126&0.019&0.769&0.025\\ 
$\tau k$&0.140&0.045&0.724&0.036\\ 
$\tau l$&0.140&0.045&0.724&0.036\\ 
$\tau c$&0.015&0.042&0.416&0.053\\ 
$real interest rate$&0.004&0.657&0.050&0.003\\ 
$transfers total$&0.000&0.000&0.000&0.000\\ 
$transfers part$&0.002&0.005&0.005&0.002\\ 
$price of bonds$&0.148&0.120&0.442&0.052\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.001&0.063&0.013&0.000\\ 
$consumption: Non-Savers$&0.007&0.073&0.076&0.004\\ 
$nominal interest rate$&0.110&0.088&0.038&0.000\\ 
investment&0.000&0.106&0.077&0.000\\ 
labor&0.001&0.169&0.083&0.000\\ 
output&0.002&0.136&0.077&0.000\\ 
$govt consumption$&0.000&0.000&0.000&0.000\\ 
$aggregate consumption$&0.001&0.069&0.019&0.000\\ 
$real wage$&0.021&0.003&0.055&0.000\\ 
$govt debt$&0.025&0.045&0.028&0.001\\ 
inflation&0.222&0.163&0.068&0.000\\ 
$b/y ratio$&0.008&0.022&0.003&0.000\\ 
$inflation CF$&0.255&0.187&0.078&0.000\\ 
$b/y ratio CF$&0.008&0.023&0.003&0.000\\ 
$\tau k$&0.015&0.006&0.001&0.000\\ 
$\tau l$&0.015&0.006&0.001&0.000\\ 
$\tau c$&0.002&0.017&0.029&0.000\\ 
$real interest rate$&0.089&0.029&0.007&0.000\\ 
$transfers total$&0.000&0.000&0.000&0.016\\ 
$transfers part$&0.001&0.009&0.004&0.961\\ 
$price of bonds$&0.010&0.119&0.033&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0&0\\ 
$consumption: Non-Savers$&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
investment&0&0&0&0\\ 
labor&0&0&0&0\\ 
output&0&0&0&0\\ 
$govt consumption$&0&0&0&0\\ 
$aggregate consumption$&0&0&0&0\\ 
$real wage$&0&0&0&0\\ 
$govt debt$&0&0&0&0\\ 
inflation&0&0&0&0\\ 
$b/y ratio$&0&0&0&0\\ 
$inflation CF$&0&0&0&0\\ 
$b/y ratio CF$&0&0&0&0\\ 
$\tau k$&0&0&0&0\\ 
$\tau l$&0&0&0&0\\ 
$\tau c$&0&0&0&0\\ 
$real interest rate$&0&0&0&0\\ 
$transfers total$&0&0&0&0\\ 
$transfers part$&0&0&0&0\\ 
$price of bonds$&0&0&0&0\\ 
$g shock$&0&0&0&0\\ 
$funded tranfer shock$&0&0&0&0\\ 
$unfunded tranfer shock$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0&0\\ 
$consumption: Non-Savers$&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
investment&0&0&0&0\\ 
labor&0&0&0&0\\ 
output&0&0&0&0\\ 
$govt consumption$&0&0&0&0\\ 
$aggregate consumption$&0&0&0&0\\ 
$real wage$&0&0&0&0\\ 
$govt debt$&0&0&0&0\\ 
inflation&0&0&0&0\\ 
$b/y ratio$&0&0&0&0\\ 
$inflation CF$&0&0&0&0\\ 
$b/y ratio CF$&0&0&0&0\\ 
$\tau k$&0&0&0&0\\ 
$\tau l$&0&0&0&0\\ 
$\tau c$&0&0&0&0\\ 
$real interest rate$&0&0&0&0\\ 
$transfers total$&0&0&0&0\\ 
$transfers part$&0&0&0&0\\ 
$price of bonds$&0&0&0&0\\ 
$g shock$&0&0&0&0\\ 
$funded tranfer shock$&0&0&0&0\\ 
$unfunded tranfer shock$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0&0\\ 
$consumption: Non-Savers$&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
investment&0&0&0&0\\ 
labor&0&0&0&0\\ 
output&0&0&0&0\\ 
$govt consumption$&0&0&0&0\\ 
$aggregate consumption$&0&0&0&0\\ 
$real wage$&0&0&0&0\\ 
$govt debt$&0&0&0&0\\ 
inflation&0&0&0&0\\ 
$b/y ratio$&0&0&0&0\\ 
$inflation CF$&0&0&0&0\\ 
$b/y ratio CF$&0&0&0&0\\ 
$\tau k$&0&0&0&0\\ 
$\tau l$&0&0&0&0\\ 
$\tau c$&0&0&0&0\\ 
$real interest rate$&0&0&0&0\\ 
$transfers total$&0&0&0&0\\ 
$transfers part$&0&0&0&0\\ 
$price of bonds$&0&0&0&0\\ 
$g shock$&0&0&0&0\\ 
$funded tranfer shock$&0&0&0&0\\ 
$unfunded tranfer shock$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Variance Decomposition 2 Period Horizon}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0\\ 
$consumption: Non-Savers$&0&0&0\\ 
$nominal interest rate$&0&0&0\\ 
investment&0&0&0\\ 
labor&0&0&0\\ 
output&0&0&0\\ 
$govt consumption$&0&0&0\\ 
$aggregate consumption$&0&0&0\\ 
$real wage$&0&0&0\\ 
$govt debt$&0&0&0\\ 
inflation&0&0&0\\ 
$b/y ratio$&0&0&0\\ 
$inflation CF$&0&0&0\\ 
$b/y ratio CF$&0&0&0\\ 
$\tau k$&0&0&0\\ 
$\tau l$&0&0&0\\ 
$\tau c$&0&0&0\\ 
$real interest rate$&0&0&0\\ 
$transfers total$&0&0&0\\ 
$transfers part$&0&0&0\\ 
$price of bonds$&0&0&0\\ 
$g shock$&0&0&0\\ 
$funded tranfer shock$&0&0&0\\ 
$unfunded tranfer shock$&0&0&0\\ \hline 
\caption{Decomposition F Horizon=2} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$government consumption shock$&$funded tranfers shock$&$unfunded transfers shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.000&0.001&0.060&0.566\\ 
$consumption: Non-Savers$&0.009&0.142&0.106&0.132\\ 
$nominal interest rate$&0.002&0.000&0.000&0.062\\ 
investment&0.000&0.000&0.067&0.007\\ 
labor&0.018&0.000&0.112&0.012\\ 
output&0.015&0.000&0.098&0.078\\ 
$govt consumption$&0.907&0.001&0.000&0.000\\ 
$aggregate consumption$&0.000&0.005&0.070&0.534\\ 
$real wage$&0.000&0.000&0.004&0.677\\ 
$govt debt$&0.002&0.067&0.019&0.070\\ 
inflation&0.002&0.000&0.162&0.067\\ 
$b/y ratio$&0.005&0.021&0.065&0.003\\ 
$inflation CF$&0.003&0.000&0.000&0.080\\ 
$b/y ratio CF$&0.005&0.023&0.000&0.003\\ 
$\tau k$&0.011&0.010&0.000&0.002\\ 
$\tau l$&0.011&0.010&0.000&0.002\\ 
$\tau c$&0.002&0.003&0.079&0.285\\ 
$real interest rate$&0.001&0.000&0.177&0.027\\ 
$transfers total$&0.000&0.952&0.035&0.000\\ 
$transfers part$&0.000&0.004&0.016&0.010\\ 
$price of bonds$&0.011&0.003&0.000&0.064\\ 
$g shock$&1&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&1&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&1&0.000\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.214&0.014&0.011&0.006\\ 
$consumption: Non-Savers$&0.018&0.008&0.338&0.008\\ 
$nominal interest rate$&0.023&0.313&0.298&0.022\\ 
investment&0.009&0.008&0.720&0.006\\ 
labor&0.030&0.016&0.528&0.009\\ 
output&0.024&0.014&0.513&0.004\\ 
$govt consumption$&0.011&0.001&0.073&0.002\\ 
$aggregate consumption$&0.191&0.014&0.030&0.004\\ 
$real wage$&0.001&0.000&0.026&0.128\\ 
$govt debt$&0.131&0.034&0.553&0.053\\ 
inflation&0.026&0.004&0.339&0.024\\ 
$b/y ratio$&0.088&0.007&0.692&0.011\\ 
$inflation CF$&0.031&0.005&0.405&0.029\\ 
$b/y ratio CF$&0.094&0.008&0.740&0.012\\ 
$\tau k$&0.122&0.009&0.791&0.021\\ 
$\tau l$&0.122&0.009&0.791&0.021\\ 
$\tau c$&0.019&0.048&0.369&0.035\\ 
$real interest rate$&0.005&0.565&0.068&0.008\\ 
$transfers total$&0.000&0.000&0.001&0.000\\ 
$transfers part$&0.015&0.009&0.040&0.010\\ 
$price of bonds$&0.178&0.091&0.476&0.058\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.001&0.102&0.027&0.000\\ 
$consumption: Non-Savers$&0.004&0.100&0.132&0.002\\ 
$nominal interest rate$&0.059&0.173&0.048&0.000\\ 
investment&0.000&0.096&0.085&0.000\\ 
labor&0.001&0.172&0.102&0.000\\ 
output&0.001&0.150&0.103&0.000\\ 
$govt consumption$&0.000&0.004&0.001&0.000\\ 
$aggregate consumption$&0.001&0.110&0.040&0.000\\ 
$real wage$&0.019&0.005&0.140&0.000\\ 
$govt debt$&0.012&0.044&0.014&0.001\\ 
inflation&0.121&0.200&0.053&0.000\\ 
$b/y ratio$&0.002&0.084&0.021&0.000\\ 
$inflation CF$&0.145&0.239&0.063&0.000\\ 
$b/y ratio CF$&0.003&0.090&0.022&0.000\\ 
$\tau k$&0.006&0.023&0.004&0.000\\ 
$\tau l$&0.006&0.023&0.004&0.000\\ 
$\tau c$&0.007&0.005&0.147&0.000\\ 
$real interest rate$&0.088&0.037&0.024&0.000\\ 
$transfers total$&0.000&0.000&0.000&0.012\\ 
$transfers part$&0.003&0.009&0.009&0.875\\ 
$price of bonds$&0.006&0.082&0.031&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0&0\\ 
$consumption: Non-Savers$&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
investment&0&0&0&0\\ 
labor&0&0&0&0\\ 
output&0&0&0&0\\ 
$govt consumption$&0&0&0&0\\ 
$aggregate consumption$&0&0&0&0\\ 
$real wage$&0&0&0&0\\ 
$govt debt$&0&0&0&0\\ 
inflation&0&0&0&0\\ 
$b/y ratio$&0&0&0&0\\ 
$inflation CF$&0&0&0&0\\ 
$b/y ratio CF$&0&0&0&0\\ 
$\tau k$&0&0&0&0\\ 
$\tau l$&0&0&0&0\\ 
$\tau c$&0&0&0&0\\ 
$real interest rate$&0&0&0&0\\ 
$transfers total$&0&0&0&0\\ 
$transfers part$&0&0&0&0\\ 
$price of bonds$&0&0&0&0\\ 
$g shock$&0&0&0&0\\ 
$funded tranfer shock$&0&0&0&0\\ 
$unfunded tranfer shock$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0&0\\ 
$consumption: Non-Savers$&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
investment&0&0&0&0\\ 
labor&0&0&0&0\\ 
output&0&0&0&0\\ 
$govt consumption$&0&0&0&0\\ 
$aggregate consumption$&0&0&0&0\\ 
$real wage$&0&0&0&0\\ 
$govt debt$&0&0&0&0\\ 
inflation&0&0&0&0\\ 
$b/y ratio$&0&0&0&0\\ 
$inflation CF$&0&0&0&0\\ 
$b/y ratio CF$&0&0&0&0\\ 
$\tau k$&0&0&0&0\\ 
$\tau l$&0&0&0&0\\ 
$\tau c$&0&0&0&0\\ 
$real interest rate$&0&0&0&0\\ 
$transfers total$&0&0&0&0\\ 
$transfers part$&0&0&0&0\\ 
$price of bonds$&0&0&0&0\\ 
$g shock$&0&0&0&0\\ 
$funded tranfer shock$&0&0&0&0\\ 
$unfunded tranfer shock$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0&0\\ 
$consumption: Non-Savers$&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
investment&0&0&0&0\\ 
labor&0&0&0&0\\ 
output&0&0&0&0\\ 
$govt consumption$&0&0&0&0\\ 
$aggregate consumption$&0&0&0&0\\ 
$real wage$&0&0&0&0\\ 
$govt debt$&0&0&0&0\\ 
inflation&0&0&0&0\\ 
$b/y ratio$&0&0&0&0\\ 
$inflation CF$&0&0&0&0\\ 
$b/y ratio CF$&0&0&0&0\\ 
$\tau k$&0&0&0&0\\ 
$\tau l$&0&0&0&0\\ 
$\tau c$&0&0&0&0\\ 
$real interest rate$&0&0&0&0\\ 
$transfers total$&0&0&0&0\\ 
$transfers part$&0&0&0&0\\ 
$price of bonds$&0&0&0&0\\ 
$g shock$&0&0&0&0\\ 
$funded tranfer shock$&0&0&0&0\\ 
$unfunded tranfer shock$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Variance Decomposition 4 Period Horizon}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0\\ 
$consumption: Non-Savers$&0&0&0\\ 
$nominal interest rate$&0&0&0\\ 
investment&0&0&0\\ 
labor&0&0&0\\ 
output&0&0&0\\ 
$govt consumption$&0&0&0\\ 
$aggregate consumption$&0&0&0\\ 
$real wage$&0&0&0\\ 
$govt debt$&0&0&0\\ 
inflation&0&0&0\\ 
$b/y ratio$&0&0&0\\ 
$inflation CF$&0&0&0\\ 
$b/y ratio CF$&0&0&0\\ 
$\tau k$&0&0&0\\ 
$\tau l$&0&0&0\\ 
$\tau c$&0&0&0\\ 
$real interest rate$&0&0&0\\ 
$transfers total$&0&0&0\\ 
$transfers part$&0&0&0\\ 
$price of bonds$&0&0&0\\ 
$g shock$&0&0&0\\ 
$funded tranfer shock$&0&0&0\\ 
$unfunded tranfer shock$&0&0&0\\ \hline 
\caption{Decomposition F Horizon=3} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$government consumption shock$&$funded tranfers shock$&$unfunded transfers shock$&$technology shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.001&0.001&0.111&0.374\\ 
$consumption: Non-Savers$&0.004&0.089&0.109&0.048\\ 
$nominal interest rate$&0.003&0.000&0.000&0.051\\ 
investment&0.001&0.001&0.063&0.018\\ 
labor&0.008&0.000&0.114&0.017\\ 
output&0.006&0.000&0.101&0.023\\ 
$govt consumption$&0.740&0.011&0.000&0.002\\ 
$aggregate consumption$&0.000&0.006&0.121&0.332\\ 
$real wage$&0.000&0.000&0.007&0.489\\ 
$govt debt$&0.011&0.164&0.056&0.056\\ 
inflation&0.002&0.000&0.188&0.048\\ 
$b/y ratio$&0.003&0.048&0.089&0.011\\ 
$inflation CF$&0.003&0.000&0.000&0.060\\ 
$b/y ratio CF$&0.003&0.053&0.000&0.012\\ 
$\tau k$&0.002&0.031&0.000&0.003\\ 
$\tau l$&0.002&0.031&0.000&0.003\\ 
$\tau c$&0.002&0.003&0.104&0.190\\ 
$real interest rate$&0.002&0.000&0.160&0.045\\ 
$transfers total$&0.000&0.957&0.033&0.000\\ 
$transfers part$&0.002&0.053&0.052&0.019\\ 
$price of bonds$&0.014&0.005&0.000&0.057\\ 
$g shock$&1&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&1&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&1&0.000\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$preference shock$&$mon\eta ry policy shock$&$investment specific technology shock$&$wage markup shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.243&0.015&0.033&0.012\\ 
$consumption: Non-Savers$&0.013&0.007&0.408&0.004\\ 
$nominal interest rate$&0.032&0.153&0.419&0.021\\ 
investment&0.011&0.005&0.720&0.006\\ 
labor&0.020&0.011&0.526&0.010\\ 
output&0.014&0.010&0.560&0.007\\ 
$govt consumption$&0.017&0.002&0.177&0.001\\ 
$aggregate consumption$&0.209&0.015&0.067&0.010\\ 
$real wage$&0.000&0.000&0.072&0.075\\ 
$govt debt$&0.088&0.016&0.438&0.027\\ 
inflation&0.028&0.004&0.363&0.019\\ 
$b/y ratio$&0.050&0.008&0.580&0.003\\ 
$inflation CF$&0.035&0.005&0.447&0.024\\ 
$b/y ratio CF$&0.054&0.009&0.636&0.004\\ 
$\tau k$&0.081&0.002&0.738&0.007\\ 
$\tau l$&0.081&0.002&0.738&0.007\\ 
$\tau c$&0.031&0.039&0.172&0.014\\ 
$real interest rate$&0.015&0.344&0.215&0.014\\ 
$transfers total$&0.001&0.000&0.002&0.000\\ 
$transfers part$&0.046&0.007&0.182&0.018\\ 
$price of bonds$&0.241&0.071&0.453&0.065\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$price markup shock$&$risk-premium shock$&$shock to NKPC$&$transitory transfer shock$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0.001&0.152&0.057&0.000\\ 
$consumption: Non-Savers$&0.002&0.113&0.202&0.001\\ 
$nominal interest rate$&0.028&0.259&0.034&0.000\\ 
investment&0.000&0.081&0.095&0.000\\ 
labor&0.000&0.165&0.127&0.000\\ 
output&0.000&0.145&0.133&0.000\\ 
$govt consumption$&0.000&0.037&0.014&0.000\\ 
$aggregate consumption$&0.001&0.160&0.080&0.000\\ 
$real wage$&0.012&0.008&0.335&0.000\\ 
$govt debt$&0.004&0.119&0.021&0.001\\ 
inflation&0.081&0.229&0.036&0.000\\ 
$b/y ratio$&0.001&0.144&0.064&0.000\\ 
$inflation CF$&0.100&0.282&0.045&0.000\\ 
$b/y ratio CF$&0.001&0.158&0.070&0.000\\ 
$\tau k$&0.001&0.101&0.034&0.000\\ 
$\tau l$&0.001&0.101&0.034&0.000\\ 
$\tau c$&0.008&0.002&0.433&0.000\\ 
$real interest rate$&0.052&0.119&0.033&0.000\\ 
$transfers total$&0.000&0.000&0.000&0.007\\ 
$transfers part$&0.002&0.037&0.008&0.574\\ 
$price of bonds$&0.005&0.062&0.025&0.000\\ 
$g shock$&0.000&0.000&0.000&0.000\\ 
$funded tranfer shock$&0.000&0.000&0.000&0.000\\ 
$unfunded tranfer shock$&0.000&0.000&0.000&0.000\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$FWG target factor$&$FWG path factor$&$FG Shock0$&$FG Shock1$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0&0\\ 
$consumption: Non-Savers$&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
investment&0&0&0&0\\ 
labor&0&0&0&0\\ 
output&0&0&0&0\\ 
$govt consumption$&0&0&0&0\\ 
$aggregate consumption$&0&0&0&0\\ 
$real wage$&0&0&0&0\\ 
$govt debt$&0&0&0&0\\ 
inflation&0&0&0&0\\ 
$b/y ratio$&0&0&0&0\\ 
$inflation CF$&0&0&0&0\\ 
$b/y ratio CF$&0&0&0&0\\ 
$\tau k$&0&0&0&0\\ 
$\tau l$&0&0&0&0\\ 
$\tau c$&0&0&0&0\\ 
$real interest rate$&0&0&0&0\\ 
$transfers total$&0&0&0&0\\ 
$transfers part$&0&0&0&0\\ 
$price of bonds$&0&0&0&0\\ 
$g shock$&0&0&0&0\\ 
$funded tranfer shock$&0&0&0&0\\ 
$unfunded tranfer shock$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$FG Shock2$&$FG Shock3$&$FG Shock4$&$FG Shock5$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0&0\\ 
$consumption: Non-Savers$&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
investment&0&0&0&0\\ 
labor&0&0&0&0\\ 
output&0&0&0&0\\ 
$govt consumption$&0&0&0&0\\ 
$aggregate consumption$&0&0&0&0\\ 
$real wage$&0&0&0&0\\ 
$govt debt$&0&0&0&0\\ 
inflation&0&0&0&0\\ 
$b/y ratio$&0&0&0&0\\ 
$inflation CF$&0&0&0&0\\ 
$b/y ratio CF$&0&0&0&0\\ 
$\tau k$&0&0&0&0\\ 
$\tau l$&0&0&0&0\\ 
$\tau c$&0&0&0&0\\ 
$real interest rate$&0&0&0&0\\ 
$transfers total$&0&0&0&0\\ 
$transfers part$&0&0&0&0\\ 
$price of bonds$&0&0&0&0\\ 
$g shock$&0&0&0&0\\ 
$funded tranfer shock$&0&0&0&0\\ 
$unfunded tranfer shock$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|c|} 
\multicolumn{5}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$FG Shock6$&$FG Shock7$&$FG Shock8$&$FG Shock9$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0&0\\ 
$consumption: Non-Savers$&0&0&0&0\\ 
$nominal interest rate$&0&0&0&0\\ 
investment&0&0&0&0\\ 
labor&0&0&0&0\\ 
output&0&0&0&0\\ 
$govt consumption$&0&0&0&0\\ 
$aggregate consumption$&0&0&0&0\\ 
$real wage$&0&0&0&0\\ 
$govt debt$&0&0&0&0\\ 
inflation&0&0&0&0\\ 
$b/y ratio$&0&0&0&0\\ 
$inflation CF$&0&0&0&0\\ 
$b/y ratio CF$&0&0&0&0\\ 
$\tau k$&0&0&0&0\\ 
$\tau l$&0&0&0&0\\ 
$\tau c$&0&0&0&0\\ 
$real interest rate$&0&0&0&0\\ 
$transfers total$&0&0&0&0\\ 
$transfers part$&0&0&0&0\\ 
$price of bonds$&0&0&0&0\\ 
$g shock$&0&0&0&0\\ 
$funded tranfer shock$&0&0&0&0\\ 
$unfunded tranfer shock$&0&0&0&0\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\begin{center} 
\begin{longtable}{|l|c|c|c|} 
\multicolumn{4}{c}{Variance Decomposition Asymptotic}\\ \hline 
Series&$ME GDP$&$ME Debt-to-GDP Ratio$&$ME BEI$ \\\hline \endhead 
\hline \endfoot 
$consumption savers$&0&0&0\\ 
$consumption: Non-Savers$&0&0&0\\ 
$nominal interest rate$&0&0&0\\ 
investment&0&0&0\\ 
labor&0&0&0\\ 
output&0&0&0\\ 
$govt consumption$&0&0&0\\ 
$aggregate consumption$&0&0&0\\ 
$real wage$&0&0&0\\ 
$govt debt$&0&0&0\\ 
inflation&0&0&0\\ 
$b/y ratio$&0&0&0\\ 
$inflation CF$&0&0&0\\ 
$b/y ratio CF$&0&0&0\\ 
$\tau k$&0&0&0\\ 
$\tau l$&0&0&0\\ 
$\tau c$&0&0&0\\ 
$real interest rate$&0&0&0\\ 
$transfers total$&0&0&0\\ 
$transfers part$&0&0&0\\ 
$price of bonds$&0&0&0\\ 
$g shock$&0&0&0\\ 
$funded tranfer shock$&0&0&0\\ 
$unfunded tranfer shock$&0&0&0\\ \hline 
\caption{Decomposition F Horizon=4} 
\end{longtable} 
\end{center} 

\pagebreak 
\section{Impulse Responses} 
\includepdf[page=-]{"government consumption shock".pdf} 
\includepdf[page=-]{"funded tranfers shock".pdf} 
\includepdf[page=-]{"unfunded transfers shock".pdf} 
\includepdf[page=-]{"technology shock".pdf} 
\includepdf[page=-]{"preference shock".pdf} 
\includepdf[page=-]{"monetary policy shock".pdf} 
\includepdf[page=-]{"investment specific technology shock".pdf} 
\includepdf[page=-]{"wage markup shock".pdf} 
\includepdf[page=-]{"price markup shock".pdf} 
\includepdf[page=-]{"risk-premium shock".pdf} 
\includepdf[page=-]{"shock to NKPC".pdf} 
\includepdf[page=-]{"transitory transfer shock".pdf} 
\includepdf[page=-]{"FWG target factor".pdf} 
\includepdf[page=-]{"FWG path factor".pdf} 
\includepdf[page=-]{"FG Shock0".pdf} 
\includepdf[page=-]{"FG Shock1".pdf} 
\includepdf[page=-]{"FG Shock2".pdf} 
\includepdf[page=-]{"FG Shock3".pdf} 
\includepdf[page=-]{"FG Shock4".pdf} 
\includepdf[page=-]{"FG Shock5".pdf} 
\includepdf[page=-]{"FG Shock6".pdf} 
\includepdf[page=-]{"FG Shock7".pdf} 
\includepdf[page=-]{"FG Shock8".pdf} 
\includepdf[page=-]{"FG Shock9".pdf} 
\includepdf[page=-]{"ME GDP".pdf} 
\includepdf[page=-]{"ME Debt-to-GDP Ratio".pdf} 
\includepdf[page=-]{"ME BEI".pdf} 
\pagebreak 
\section{Fit} 
\includepdf[page={-}]{"stdSimObsDensity".pdf} 
\includepdf[page={-}]{"stdSimStatesDensity".pdf} 
\includepdf[page={-}]{"stdObsDensity".pdf} 
\includepdf[page={-}]{"crossCorrelationsObs".pdf} 
\end{document}